Nickel prices traded lower by 0.34% to Rs 979 per kg in futures trade today on speculators reducing their positions amid a weakening trend in the overseas market and sluggish demand from alloy-makers in the spot market.
At the Multi Commodity Exchange, nickel for delivery in January shed Rs 3.30, or 0.34%, to Rs 979 per kg, with a business turnover of 516 lots.
Likewise, the metal for December delivery traded lower by Rs 3.10, or 0.32%, to Rs 972.70 per kg, with a trade volume of 5,053 lots.
Market analysts said apart from subdued demand from alloy-makers in the spot market, a weakening trend at the London Metal Exchange mainly led to a decline in nickel prices at futures trade.
Meanwhile, nickel dropped 0.4% to $18,239 a tonne at the LME.
